Analytics, Economics, EU – Baltic States, Financial Services, GDP, Lithuania

"In the next four years Lithuania's growth will surpass eurozone average several times. Other Baltic States will show similar tendencies. Hence even though our region accounts only for 0.8% of the total eurozone GDP it will spearhead the growth," said Jonas Akelis, EY Managing Partner in the Baltic States.

However, inflation is expected to increase slightly. EY analysts forecast that in 2015 inflation rate will reach 1.4%, meanwhile in 2016-2018 inflation is not expected to exceed 2%.

Tom Rogers, economist of Oxford Economics, says that Lithuania's growth prospects are one of the best in the single currency market as growing export will lead to private investment increase, which in turn will be encouraged by loosening monetary policy in the region. According to the economist, Lithuania should remain the fastest growing economy at least until 2018.

Moreover, unemployment should decrease much faster in Lithuania compared to the euro area. By 2018 it should decrease by 4%age points, from 11.4 to 7.5%.

In September the Bank of Lithuania predicted 3.3% economic growth rate, but revised projections to 3.1%. SEB bank says that in 2015 Lithuania's economy will grow just by 2.6%, whereas the International Monetary Fund predicts 3% GDP growth rate.